Wanting to start investing in real estate, BC Canada

25 Replies

Hi @Willi Schweizer ,

I am in the same boat as you brand new, what I have found that has helped me expand my knowledge is a lot of reading and listening to podcasts, At the moment when listening to a podcast. I then research from the ground up one section/part until I understand what is included. (e.g all the different financing methods, local properties, and values, what to renovate)

Not sure I am the best person to answer,but this is what i am doing.

Recommend finding a local meet-up if possible, meeting like minded people and those who’ve done it before is amazing at keeping you motivated and getting a jump start.  If you happen to be in Victoria, let me know and I can set you up and personally would love to chat. 

@Willi Schweizer Welcome to BP. There are a ton of resources here to help you get started on your journey in real estate investment. How to get started? Start with one property at a time. Build a game plan to suit your individual goals and execute. With a softening market, look for opportunities in the Fraser Valley and even in the Lake Country.

I am a Realtor here in the Cowichan Valley on Vancouver Island, I’m also wanting to get into investing. Not in a great position financially at the moment though after a year away from Real Estate with my sick son..so not sure it is possible but hoping the road ahead is better than the current road! 

@Kris Mcfarlane

Do you invest in BC now? I’m interested in something I could buy, maybe reno, hold on to and use as a short term vacation rental.

The wife and I were interested in okanagan becuaae it’s beautiful there and she has family there. I have just started looking at what could be most profitable in that area.

Originally posted by @Edison Reis :

@Scott Galloway If you’re looking into the Okanagan I would recommend Lake Country, Vernon or West Kelowna ( on this order) Kelowna is too expenses but still the most desirable area around here. 

 That's perfect. We were thinking Lake Country! Do you know much about short term rentals there? I was thinking it would be cool to have a place there we could rent out and eventually live in maybe. I just get worried about it getting shut down though.

Originally posted by @Scott Galloway :
Originally posted by @Edison Reis:

@Scott Galloway If you’re looking into the Okanagan I would recommend Lake Country, Vernon or West Kelowna ( on this order) Kelowna is too expenses but still the most desirable area around here. 

 That's perfect. We were thinking Lake Country! Do you know much about short term rentals there? I was thinking it would be cool to have a place there we could rent out and eventually live in maybe. I just get worried about it getting shut down though.

With short term rentals in parts of BC, remember that there is an extra tax (speculation and vacancy tax) you pay every year.  BC also has a property purchase tax.

Originally posted by @Theresa Harris :
Originally posted by @Scott Galloway:
Originally posted by @Edison Reis:

@Scott Galloway If you’re looking into the Okanagan I would recommend Lake Country, Vernon or West Kelowna ( on this order) Kelowna is too expenses but still the most desirable area around here. 

 That's perfect. We were thinking Lake Country! Do you know much about short term rentals there? I was thinking it would be cool to have a place there we could rent out and eventually live in maybe. I just get worried about it getting shut down though.

With short term rentals in parts of BC, remember that there is an extra tax (speculation and vacancy tax) you pay every year.  BC also has a property purchase tax.

 Thanks, that's good to know.

Hello there, I am in a similar situation as Willi.  

I live in Vancouver, BC and currently have one rental property. However,I am looking for a new opportunity outside of Vancouver to look for a cashflow property. I like the Okanagan area so it can double up as a vacation home.

Is there any realtor here that I can work with to look for opportunities in the Okanagan area?

@Lance Lee

If you’re looking for a good agent - connect with Jared Franczak with royal lepage.

I used to be licensed and worked with him at a firm that specialized in working with investors, plus he is one himself. Very knowledgeable and a great negotiator!

All the best in your search!

@Willi Schweizer Welcome to BP! You will find a ton of helpful resources here from podcasts to webinars to the forums for the novice to seasoned investor.

I have been investing in real estate for the past 15 years, yet I still learn something new every day from my research.